ALBERTUSSEE DÜSSELDORF - A STORY TO BE TOLD - METRO PROPERTIES
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A STORY TO BE TOLD ALBERTUSSEE DÜSSELDORF
A STORY TO BE TOLD ALBERTUSSEE DÜSSELDORF
TABLE OF CONTENTS OVERVIEW 3
4 EDITORIAL
10 STARTING POINT
12 TIMELINE
14 ASSET MANAGEMENT
22 SPECIAL FEATURE: HISTORY
24 PROJECT DEVELOPMENT
34 SPECIAL FEATURE: LOCATION
36 TRANSACTIONS
40 PANDION AG
42 SPECIAL FEATURE: PRESS
44 METRO PROPERTIES/METRO AG
EDITORIAL FOREWORD 5
» WE STAND FOR RELEVANCE » UNCONVENTIONAL
IN URBAN DEVELOPMENT. A PPROACHES OFTEN
WE HAVE A CLEAR VIEW OF LEAD TO INTERESTING
THE FUTURE. « OPPORTUNITIES. «
JEAN-CHRISTOPHE BRETXA, Chief Executive Officer JÜRGEN SCHWARZE, Chief Financial Officer
EDITORIAL FOREWORD 7
JEAN-CHRISTOPHE BRETXA
AND JÜRGEN SCHWARZE
WHY HAS METRO PUBLISHED A BROCHURE ON THE PROPERTY AT of life. In particular, the expansion of the city has
ALBERTUSSEE? meant a change in living conditions in an urban
JEAN-CHRISTOPHE BRETXA: The project shows in impressive fashion context. The “Living Concept at Albertussee”
how our team has created a pioneering success story starting with the is based on the trend towards further urban
takeover of a disused property. In the true sense of driving real estate expansion with a clear focus on the living space
value, we have deployed precisely the type of professional expertise of tomorrow. We recognised, developed and
which characterises our company: future-orientated asset management implemented the potential offered by the
and sustainable project development followed by a successful transaction. property and have played a significant role in
In this case, we have been able to demonstrate our expertise in an the densification and urbanisation of the city
exemplary manner throughout the entire life cycle of the property. of Düsseldorf.
JÜRGEN SCHWARZE: The success story of the property at Albertussee HOW DID THE “LIVING CONCEPT AT
shows clearly that we made the right decision to focus the continuing ALBERTUSSEE” WORK OUT?
development of the property on what is relevant for its location in the
city of Düsseldorf, and to promote the transformation of former offices JÜRGEN SCHWARZE: The decision to pursue
into residential property. From a company perspective, this is a fine the vision of the “Living Concept at Albertussee”
example of creating virtual values by making the right decisions at the was our anticipation of the overall trend in
right time. urban development. In our view, it is good to
see how the interests of urban developers and
SO HOW DID THE VARIOUS STAGES OF THE DEVELOPMENT TURN the residents of Düsseldorf converge in this
OUT? project. At the same time, our successful
portfolio management strategy has resulted in
JEAN-CHRISTOPHE BRETXA: In the first instance, our company took significant added value for METRO AG.
over the property for our own use. The idea at that time was to move
our staff from the various office locations into a whole new working
environment under one roof. One of the first external tenants was
Stadtsparkasse Düsseldorf. Other occupiers followed including METRO
House of Learning and our joint venture partner MEC METRO-ECE
Centermanagement GmbH & Co. KG. In this context, we made every
attempt to create an even more attractive environment for all our staff,
right up to the point when we developed a trendsetting new vision for
the future of the property. The principal focus was on the sustainability
of the concept, combined with the idea of a residential development
next to a lake, in close proximity to nature and offering a high quality
9
STARTING POINT KEY FACTS 11
1990
TAKEOVER
The building complex at Albertussee bears all the hallmarks of its The building is not of a high specification and
creator. Helmut Horten, the founder of the eponymous department offers no services such as a restaurant, canteen
store chain, has been immortalised in the building itself with its double or a business-like reception. The infrastructure
HH layout. The company Kaufhof, already part of METRO AG, gradually and amenity value are far from optimal.
acquires the majority shareholding in its competitor Horten. As part of However, there is an approximately 4 hectare
the takeover, the property at Am Albertussee 1 becomes part of the lake with green open space and adjoining
METRO property portfolio. woodland. The publicly accessible area is
rather hidden, in poorly maintained condition AM ALBERTUSSEE 1
The recently completed building was intended to be the new company
headquarters of Horten, the department store operator. The building and is rarely used by the public.
layout was designed for use by a single occupier. It is not possible to At this time, the location has no relevance
subdivide the space and the building entrance situation is unfavourable. from an urban perspective and little positive
The creation of self-contained areas as part of the change of use is also amenity value. In this context, there is little
problematic. prospect of achieving a sustainable letting
The letting of the property requires a significant number of compromises. situation.
However, it is possible to let some areas of the property. Tenants include
companies such as Siemens, Hochtief and the Stadtsparkasse Düsseldorf
bank. However, these tenants are not wholly satisfied with the property.
EXISTING PROPERTY
AM ALBERTUSSEE 1
40549 DÜSSELDORF
Year of Use type Gross
construction floor area
Office building
1989 – 1990 33,000 sqm
Lettable area Site area
28,000 sqm 41,000 sqm
No. of car No. of floors
parking spaces
4 full floors
500 1 pitched roof storey
KEY FACTS 13
19 REFRESHMENT 19 OCCUPANCY
RATE: 100 %
Change of canteen
Switch from classic
operator in the
conservative office
26 MILESTONE
There follows an in-
existing building.
Modernisation of the
building to a vibrant
digital campus suc-
ternal workshop with entrance area and
cessfully completed.
senior management. canteen, and the
Milestone in internal opening of the coffee
decision-making: the
go-ahead is given for
bar.
37 LET’S GO
Positioning of the
15 STARTING POINT 16 PROJECT
“FIVE2ONE”
18 PROGRESS
Start of a whole
pre-development
activity.
product on the
market. Start of the
Poor amenity value,
new process. two-stage bidding
Creation of smart
some building
Discussion of visions process.
office space and
sections are in shell
for the future of the
2018
contemporary
and core condition.
2017
property.
2016
infrastructure.
Part let with vacancy
2014 2015
of around 13,000 sqm.
PROJECT 2011 2013 25 26 HANDS-ON 29 PEOPLE@WORK 38 DYNAMIC
PROCESS
TIMELINE
VISIONARY Compilation of
16 METRO 25 TARGETED AT
THE FUTURE CONCEPT Initial representations
wide-ranging docu-
A total of 13 offers are
15
verified and analysed.
MEC MOVES IN PROPERTIES Residential develop-
are made to the City
mentation for the
Initial feasibility In the second phase of
First positive signal of Düsseldorf plan-
MOVES IN studies for the
ment? Yes, residential urban development
the bidding process,
heralding new ning department.
350 staff occupy development! Initial design competition.
change of use of five participants are
impetus in the METRO PROPERTIES
workspace, bringing calculations appear
the property. granted access to the
location. becomes the official
life to the site and positive. Set of
Phase of intensive digital data room.
sponsor of a residen-
lending the property sketches drawn up.
29
highest and best use
renewed relevance.
tial development ARCHITECTURAL
analyses commences.
COMPETITION
39
project.
SIMPLY THE
Initiation and process-
BEST
ing. Objective:
Pandion AG is
creation of a planning
selected as the ideal
framework for a resi-
partner based on
dential development.
both quantitative and
qualitative criteria.
17 OPENING
OF THE
26 HITTING THE
“WASSERSTERN”
CHILDREN’S DAY
MARK
Mayor Thomas Geisel
39 FINALE
The sale becomes
NURSERY is enthusiastic about legally effective with
Next important step the residential project the signature of the
to making the loca- at EXPO Real in purchase contract.
tion more attractive Munich and offers his Final step: the con-
for employees. official support. cluding processing
of the property’s
transfer of ownership
to the new owner.
ASSET MANAGEMENT FROM THE IDEA TO THE PROJECT 15
» THE STARTING POINT WAS FRAUGHT
WITH POTENTIAL DIFFICULTIES. TODAY
ONE CAN REALLY SAY: THE PLACE IS
B USTLING WITH LIFE. THE REASONS FOR
THIS ARE PROFESSIONAL EXPERTISE AND
S ENSITIVITY. THAT DEFINES US! «
2011 10/2011
STARTING POINT MEC MOVES IN
The property at Am Albertussee 1 appears First positive signal: MEC moves into the
abandoned at first glance. The external green property. The subsidiary of METRO and
open space appears neglected. The existing ECE occupies 826 sqm office space at
building is partly in shell and core condition Am Albertussee 1 and leases 25 car parking
and there is no functioning infrastructure. The spaces. This new letting boosts activity and
anchor tenant since 2001 is Stadtsparkasse lends new impetus to the location.
Düsseldorf. Other temporary leases have not
been extended by the tenants because of the
lack of vitality and poor amenity value. Status
Q3 2011: the property is part-let but there is a
vacancy level of around 13,000 sqm, equating
to around 43 % of the total lettable area.
» STARTING THE PROJECT
WAS LIKE DIVING INTO MEC. WHO IS WHO?
COLD WATER. «
MEC METRO-ECE Centermanagement GmbH &
Co. KG is a subsidiary of METRO and ECE. MEC
is responsible for the integrated management
including the commercial and technical property
KAY BUSSE, Head of Wholesale – Asset Management management, local centre management, letting
and marketing of over 55 retail parks in Germany.
ASSET MANAGEMENT 17
» PROJECT ‘FIVE2ONE’ WAS A HIGHLY PRAGMATIC
DECISION. THE PRINCIPAL FOCUS WAS ADDING
VALUE AT EVERY STAGE. «
2011/2013 03/2013 “FIVE2ONE”. THE STORY BEHIND.
PROJECT “FIVE2ONE” METRO PROPERTIES MOVES IN
Good workflow is critical. The new space
Project “Five2one” involves the refurbishment of the Time to change: The relocation of METRO provides just the right type of environment.
office space in the existing building. A friendly and PROPERTIES from METRO Campus to Albertussee METRO PROPERTIES staff from five different
contemporary working environment is achieved is completed over a very short period; 350 staff office locations at the METRO Campus are
through manageable and intelligent investment are relocated to their new offices. This results in relocated to one office building.
and up-to-date planning. At the same time, the a further significant increase in activity at the
METRO PROPERTIES staff are caringly introduced location and lends the property renewed relevance.
to their future office location. The interdisciplinary
project team produces a requirements profile in
cooperation with the staff members and organises
visits to their new offices.
12/2013
OPENING OF THE “WASSERSTERN” CHILDREN’S DAY NURSERY
The “Wasserstern” children’s day nursery opens its doors. The nursery comprises six classes,
one entrance and a large external play area and is located on the ground floor of the building.
It is intended not only for the use of METRO PROPERTIES staff and employees of MEC and
Stadtsparkasse Düsseldorf, but is also available to local residents and staff of other companies
located in Heerdt, and is a clear commitment to a harmonious neighbourhood environment.
Guests at the opening include Mayor Dirk Elbers, and the presence of invited members of the
press brings f avourable publicity.
» SUSTAINABLE VALUE CREATION IS A PROCESS
OF BRINGING A WIDE VARIETY OF FACTORS
U NDER A COMMON DENOMINATOR, AND AS SUCH
MUST BE CLEARLY DEFINED. «ASSET MANAGEMENT 19
2014/2015 2017 2018
PROGRESS REFRESHMENT FINALE
The occupancy rate increases, as expected. This prompts further com- Further projects for the upgrade of the The sale process begins in the first quarter
mitment to the letting process. The range of projects includes targeted b uilding and an improvement in tenant of 2018. The Asset Management department
investments in the energy efficiency of the building. At the same time, satisfaction are developed and implemented. supports the transaction with the creation
the process gains momentum with the development of visions for the These include the change of canteen operator of the virtual data room and operation of the
future of the property. together with the construction of a contem- Q&A process. The owner-operated property
porary cafeteria area and the opening of a company Pandion AG wins the competitive
coffee lounge. This is followed by the refresh- bidding process. The deal is closed in Septem- » WE ACHIEVED THE FINAL
ment and modernisation of the entrance area ber 2018 at a sale price of EUR 56 million. The
as a more effective central welcoming point new owner’s cash flow is secure until vacant STEPS OF OPTIMIZING THE
within the complex. possession of the property is obtained in 2020 EXISTING COMPLEX WITHIN
» HOTEL? DATA CENTRE? SUDDENLY IT ALL SEEMED thanks to the superb letting situation which is A TIGHT BUDGET. THE
a major aspect reflected in the price negoti
POSSIBLE. ANYTHING JUDGED TO BE SUB-OPTIMAL WAS A BILITY TO RELY ON
ations. The Asset Management department
RESET AND RETHOUGHT. A REALLY EXCITING PHASE! « I NTERNAL EXPERTISE AND
2018
accompanies the transfer of ownership of the
property to the new owner. All processes are THE INVOLVEMENT OF OUR
completed smoothly: The good relationships
with the tenants mean that the vacation of the
OWN PLANNING SERVICES
OCCUPANCY RATE: 100 % FACILITATED A HIGH LEVEL
complex by the individual occupiers is already
2016 The building is fully let. In addition to the
anchor tenants METRO PROPERTIES and
Stadtsparkasse Düsseldorf, the building is now
agreed and tailored to the planned vacant
possession of the complex in 2020.
OF COST CONTROL. «
MILESTONE occupied by many small but highly active
companies including real.digital, METRO
This phase is an intensive collaboration between the Asset Management Markets and METRO House of Learning.
and Project Development departments. A wide range of potential use There is also an electric car charging station
scenarios are investigated and analysed as part of a detailed feasibility and a Car2Go station on-site. The switch from
and profitability study. Any idea judged to be unsustainable over the classical conservative office complex to vibrant
longterm is discarded. There is a special focus on the immediate vicinity digital campus is successfully completed.
and its relevance within an urban development context. This results in
the concept of a residential development being clearly established
by 2016. There is a successful presentation of the “Living Concept at
Albertussee” to senior management. This results in the go-ahead for
the application to amend the planning framework. » OUR STATED OBJECTIVE WAS TO PREPARE THE
PROPERTY BEFORE THE START OF MARKETING.
WE ACHIEVED THIS AT EVERY STAGE. «BEFORE AFTER
SPECIAL FEATURE: HISTORY RETROSPECTIVE 23 ALBERTUSSEE IT’S ALL ABOUT PROGRESS The history of the Albertussee lake goes back to 1884. The site at At the suggestion of the civic association, Heerdter Lohweg is occupied by H. Reinartz Zementwarenfabrik which the remaining landscape is renamed Heerdter produces cement panels and pipes in the area currently occupied by Hofgarten after the takeover of the site by the Am Albertussee road. One of their principal clients is Düsseldorf METRO AG. City Council. This means that the construction materials from the The water-based nature protection area with Albertussee area are also used for the regeneration, maintenance the approximately 3.50 metre deep lake is AM ALBERTUSSEE 1 and reconstruction of parts of the city itself. now maintained by the ASV-Albertussee e.V. The company’s own dredging lake covers an area of 8 hectares and Düsseldorf Heerdt angling club. The objective stretches from Heerdter Lohweg to the Am Heerdter Hof road. The of the ASV club is to nurture and maintain the construction of Brüsseler Straße and subsequent landfill gradually lake and protect its flora and fauna, together reduces the area of the lake by around 50 %. Large areas of the works with the conservation of the banks as green site are sold in 1979. One of the investors is the former Horten AG. open space. Major efforts are required to retain the lake. Source: City of Düsseldorf archive (1967) Source: City of Düsseldorf archive (1972)
PROJECT DEVELOPMENT FROM THE IDEA TO THE PROJECT 25
» WHAT INSPIRED US? COURAGE, VISION
AND A CRITICAL VIEW OF THE STATUS QUO. «
2014 2015/2016
TARGETED AT THE FUTURE VISIONARY CONCEPT
The letting situation in the existing building The initial concept of a residential develop-
develops well and projects for the further ment at the Albertussee appears to be an
optimisation of the occupancy situation are audacious idea. But the idea remains persis-
underway. Time to take a breather? Quite the tent and the concept is discussed time and
opposite. Step by step, the internal process again. Conservative calculations provide
begins to focus on the future potential of the encouraging results. Against the background
property. The various options are reviewed of the market situation, the urban develop-
and deliberated in detail. ment context and the favourable micro
location, the concept becomes increasingly
attractive. A workshop is planned with senior
management and initial sketches are drawn up.
STUDIO. WHYEVER, WHEREFORE, WHY?
The Studio & Design team is the self-contained
think tank operating at the interface of con-
» AT THE BEGINNING
temporary architecture, current planning and
innovative retail formats. The team develops
innovative, flexible and value-enhancing
solutions supporting its colleagues from
IT WAS JUST AN IDEA. «
METRO AG’s Project Development and Sales
departments worldwide.
STEFAN HERBERT, Head of Studio – Corporate Project Development
MAIKE WREDE, Senior Project Manager – Corporate Project DevelopmentPROJECT DEVELOPMENT FROM THE IDEA TO THE PROJECT 27
» SOMETIMES ONE
MUST WIPE AWAY THE
DUST TO DISCOVER
THE REAL PEARLS. «
06/2016 10/2016
MILESTONE HITTING THE SPOT
Stop or go? The initial cooperative workshop between the Asset Mayor Thomas Geisel uses the EXPO REAL
Management and Project Development departments and senior trade fair in Munich for the first public
management clears the way. Now the hard work begins on convincing introduction of the concept as a potential
participants that this is indeed the right way, as the concept of a residential project for the area of Düsseldorf
residential development is outside the typical remit of the portfolio. to the west of the River Rhine, and offers his
The preparation work is equally painstaking. In addition to analytical official support. This is immediately followed
material, the team produces its own plastic model of the project. by countless enquiries from investors, external
A drone is used to provide aerial photographs of the site. In addition project developers and construction compa- EXPO REAL. GOOD TO KNOW.
to the calculations, the potential for the location next to the Albertus- nies. The project is on everyone’s lips. EXPO REAL takes place in Munich every year in
see becomes obvious. An overall agreement is reached by the end early October and is Europe’s largest trade fair
of the workshop. The go-ahead is given for pre-development activity. for real estate and property investors, with just
under 21,000 visitors and over 2,000 exhibitors
in 2018.
07/2016
HANDS-ON
As part of the initiation of the process of amending the local develop-
ment plan with the City of Düsseldorf planning department, METRO
» WE EXPECTED THERE
PROPERTIES becomes the official project sponsor of a residential TO BE SOME INTEREST.
development and agrees to meet the costs for all reports prepared H OWEVER THE REACTION TO
by independent experts. The process of transforming the property
THE PRESENTATION AT EXPO
into a residential development can now be actively commenced.
REAL WAS S UBSTANTIAL
AND BECAME A FURTHER
‘PROOF OF CONCEPT’. «PROJECT DEVELOPMENT FROM THE IDEA TO THE PROJECT 29
12/2016 05/2017 09/2017
MAKE OR BREAK PEOPLE@WORK ARCHITECTURAL COMPETITION
The hot phase comes to an end: the intensive analysis of locational factors is completed. The air It has taken around six months to compile The competition is in full swing. All competition
samples, water samples, test borings, noise reports and expert reports on wildlife conservation the wide-ranging documents for the urban entries are submitted to the process manager
are on the desk. And the results are encouraging and in compliance with the requirements of the development design competition. Now it’s anonymously. The submitted designs are re-
city council and environmental protection agencies. ready to go: The results of all expert reports viewed formally and professionally and only
and p lanning guidelines are provided to a made available to the awarding committee on
selection of German and international the day of the jury meeting.
architectural practices.
» TRUST IS, AND REMAINS, A PEOPLE
BUSINESS. THIS DEFINES US! «
» THE ARCHITECTURAL COMPETITION WAS A
04/2017 REQUIREMENT LAID DOWN BY THE CITY OF
DÜSSELDORF. WE ACTIVELY SUPPORTED THIS
THE ART OF COMMUNICATION PROCESS. «
Before the “Living Project at Albertussee” can be approved by the City of Düsseldorf’s Planning
and Building Control department, the majority of local councillors must be in support of the
project. Now comes the time to convince the voters of the advantages of the project. This in-
volves many personal meetings with the various factions. Dialogue is constructive and engaged,
and ends with a clear go-ahead from the local committee.PROJECT DEVELOPMENT FROM THE IDEA TO THE PROJECT 31
» AS EXPECTED, THE
A RCHITECTURAL COMPETI-
TION PROCESS INVOLVED
12/2017 04/2018 05/2018
PLEASE CORRECT! DATA ROOM BIDDER POOL
SIGNIFICANT RESOURCES.
The winner’s entry is unable to be further The decision has been made: the property at As with many such decisions, the selection of
THE EXPECTATIONS OF THE developed as it stands. The jury decides that Albertussee will be sold. There is a further the investors to make up the bidder group is
DESIGNS SUBMITTED WAS a number of definitive amendments required intensive work phase compiling the documen- based on both the senior management and
EQUALLY HIGH: THE COM- by the City Council will need to be reworked tation for the data room – a critical stage in participating teams: which investors appear
by blauraum Architekten GmbH. the preparation of the sale process. This to have a connection with the region? Which
PETITION WAS INTENDED includes existing data regarding the existing are able to nurture the good relationship with
TO BE A SOURCE OF INSPI- building – lease contracts, servicing contracts, the City Council? The subject of social respon-
RATION AND THE DRIVING expert reports, existing documentation, sibility also plays a role. Here, the combined
construction documents, building permits, etc. know-how of the Asset Management, Project
FORCE OF INNOVATION. « – plus all information on the project develop- Development and Transactions departments
ment. The resulting data room is then made is critical.
available to selected investors which have in-
dicated their concrete interest through a letter
of intent. Staff from the Asset Management,
Project Development, Transactions and Legal
departments are made available to answer
11/2017
investors’ questions. The process is managed
by the Transactions department.
ARCHITECTURAL COMPETITION » WE HAVE BEEN INTENSIVELY INVOLVED WITH THE
The 18-person jury includes participants from D EVELOPMENT FROM THE OUTSET. THE OPENING OF
the various factions and political groups and
THE DATA ROOM MARKS THE RELEASE OF INFORMATION
professionals from the city council and
METRO PROPERTIES. The rotating groups ABOUT THE RESIDENTIAL PROJECT AND BACKGROUND
review the drawings and models provided by DATA INTO THE PUBLIC DOMAIN FOR THE FIRST TIME.
the various architects. The analytical process AN A LMOST EMOTIONAL MOMENT FOR US. «
takes the entire day. This is followed by many
rounds of committee meetings until the winner
is decided upon: the design entered by
Hamburg-based blauraum Architekten GmbH.
All parties – both winners and losers – are
informed of the decision on the same evening.33 OFFICE RESIDENTIAL
SPECIAL FEATURE: LOCATION LOCATION 35
DÜSSELDORF Population
almost 640,000
Population growth since 2012
+5%
10 km
CITY ON THE RIVER RHINE
The state capital of North Rhine-Westphalia is an important trade fair
destination, a centre for communications, advertising and fashion, the #1 international #1 Asian hub Ruhrgebiet (Ruhr region)
No. 1 consultancy location and one of Germany’s most dynamic eco- trade fair in Germany [40 km]
nomic regions. Düsseldorf is the headquarters location of many stock destination
52
exchange-listed companies such as METRO, E.ON and Henkel. Located
at the centre of the Rhine-Ruhr metropolitan region, Düsseldorf enjoys 44
optimal accessibility from all directions. There is no lack of transport GfK purchasing GDP 2005 – 2015
connections via motorway, railway and the city’s international airport. power index
+ 22.5 % 44
There are a number of universities including HSD, Heinrich-Heine- Krefeld
Universität and the internationally renowned art academy comprising
117.7 [20 km] 5 km
a broad spectrum of educational institutions. Düsseldorf is also known
super-regionally for its Königsallee retail boulevard, its old town and the
popular Rheinuferpromenade, as well as its many artistic and cultural 6 th 3
events. best place to live worldwide*
*Mercer Quality of Living survey 2017.
Lörick
Nieder-
kassel
DÜSSELDORF
ALBERTUSSEE Ober-
HEERDTTRANSACTIONS FROM THE IDEA TO THE PROJECT 37
» THE PROPERTY TO BE SOLD IS A FULLY LET
BUILDING COMPLEX AND, AT THE SAME TIME,
A PROJECT DEVELOPMENT CONCEPT WHICH
CAN BE TRANSFORMED INTO AN OPTIMAL
REAL ESTATE FINANCE PRODUCT: NOT ONLY
FOR THE PURPOSE OF THE SALE, BUT FOR
THE FUTURE, AS WELL. «
01/2018 03/2018
LET’S GO POINT OF INTEREST
The time is right: the concept “Living at The two-stage bidding process begins.
Albertussee” has matured into a marketable A total of 13 potential investors have been
product and will be offered on the market selected in close internal agreement with the
in the short term. The objective is to achieve AssetManagement and Project Development
an optimal selling price for the company and, departments. The prerequisite for continued
at the same time, identify an investor who will participation is a local track record of compa-
continue the project development in the sense rable, completed development projects in the
of the concept and overall idea. This will region. The indicative offer phase is expected
happen with the highest degree of openness to be completed within four weeks. There are
and transparency. The project currently enjoys numerous submissions – it appears that all
a high level of media attention. 13 investors remain interested.
» WE HAVE MATERIALISED
THEORETICAL VALUES WITH THE STATUS QUO.
HIGHEST DEGREE OF SUCCESS. «
The building complex has been fully refurbished
and is 100 % let. The investor will benefit from a
minimum risk profile thanks to the stable cash
flow and has the opportunity to a ccelerate and
JULIAN SOMMER, Senior Project Manager – Transactions optimise the project development concept in
the period up to 2020.TRANSACTIONS FROM THE IDEA TO THE PROJECT 39
» WE HAVE NOT FALLEN VICTIM TO BUILDING
CASTLES IN THE AIR, RATHER WE HAVE KEPT OUR
FEET FIRMLY ON THE GROUND AT ALL TIMES. «
05/2018 07/2018
SCORING FINALE
The second phase of the bidding process starts with the prospective The purchase contract is signed in mid-July. Thanks to the excellent
» THE EFFORT INVOLVED IN DATA ROOM investors being granted access to the data room. An important issue preparations and professionalism on both sides, the deal can be
MANAGEMENT IS TYPICALLY EXTENSIVE. at this point is the correctness and completeness of the documents, notarised without further negotiation. The transfer of ownership to
IN O
RDER TO INCREASE COMPETITIVE TEN- information, analyses and concepts contained in the data room. These Pandion AG takes place in September 2018 upon satisfactory
form the basis for the investors’ painstaking review – the due diligence compliance with deadlines, including payment of the purchase price.
SION, WE HAVE GRANTED FIVE BIDDERS process. The subsequent digital Q&A process during which the bidders The final process is managed by the Asset Management and Project
ACCESS TO THE DATA ROOM INSTEAD OF are invited to ask questions may require significant effort from the staff Development departments
THE ORIGINAL PLAN FOR THREE. « in the Asset Management and Project Development departments.
This phase of the process is managed by the Transactions department.
There are local property inspections and further discussions with all bid-
ders which form the basis of the collective decision by the various teams.
04/2018 06/2018
» ON THE ONE HAND, THE CONCLUSION OF
THE TRANSACTION MARKS THE CLOSURE
OF A HIGHLY SUCCESS REPOSITIONING OF
DYNAMIC PROCESS SIMPLY THE BEST
THE PROPERTY, AND ON THE OTHER, IT HAS
The indicative offers received are being care- The winner of the bidding process is decided: after a review of all RESULTED IN A HIGHLY PROMISING PRO-
fully analysed and evaluated. This involves quantitative and qualitative criteria, it is decided that Pandion AG
further cooperation between staff from the is the ideal partner. Whilst the active purchase contract negotiations
JECT DEVELOPMENT. «
Asset Management, Project Development and begin, the Cologne-based property company will be granted an
Transactions departments. Based on personal exclusivity period of four weeks, during which there are many telephone
discussions with all participants, it will be conferences and personal meetings. The negotiations achieve a sale
decided which investors have submitted the price of EUR 56 million. Legal advisors rework the commercial terms
most impressive entries within a period of two and conditions into a legal contract.
weeks. These investors will then be invited to
participate in the next phase of the bidding
process.PANDION AG NEW OWNER 41
IN SAFE HANDS
THE PURCHASER WILL TAKE OVER THE FURTHER
PROJECT DEVELOPMENT
Pandion AG is headquartered in Cologne and has been involved in the development,
realisation and sale of high-class residential projects since 2002.
The owner-operated real estate company develops properties in its home city as well
as in Berlin, Bonn, Düsseldorf, Mainz, Munich and Stuttgart. The company’s portfolio
includes residential high-rise buildings – a trend actively pursued by the Cologne-
based real estate experts since 2008. In addition, Pandion is constantly expanding its
involvement in the commercial sector.
This real estate professional’s trend-setting residential projects are primarily related to
neighbourhood concepts and urban developments, and the company’s steady growth
is attributable to, among other things, its focus on central locations in Germanys’ top
tier cities. Pandion employs around 140 people in Cologne, Munich, Berlin and Stuttgart.
» AS AN INVESTOR, WE COULD NOT HAVE WISHED FOR
BETTER CONDITIONS. THE ‘LIVING AT ALBERTUSSEE’
CONCEPT IS A TRAILBLAZING PROJECT. THE SALE
OF THE PROPERTY WAS OPTIMALLY PREPARED FROM
THE INITIAL IDEA TO THE BIDDING PROCESS UP TO
THE FINAL T RANSACTION. «
REINHOLD KNODEL, Owner and CEO of PANDION AGSPECIAL FEATURE: PRESS PUBLICATIONS 43
COMPETITION FOR THE SITE METRO PROPERTIES TO
AT THE ALBERTUSSEE BUILD RESIDENTIAL
C OMPLEX DÜSSELDORF PRESENTING DÜSSELDORF:
» Anyone going for a stroll ning department is
ART, CULTURE AND RESIDEN- PANDION AG DEVELOPS
at the Albertussee lake will currently reviewing plans » Together with the City of ium apartments, rental apartments
TIAL DEVELOPMENT COMPLEX AT THE ALBERTUSSEE
feel as if they’re on holiday for an urban development Düsseldorf, METRO PROPERTIES and social housing. It is still pro-
along the Strandprome- design competition, which is developing a residential posed to carry out an urban AT MIPIM IN CANNES
nade (...). It is planned to is expected to be intro- complex in the district of Heerdt development design competition » Cologne-based Pandion of Düsseldorf. METRO
construct 500 to 700 duced on 21st June (...). « to comprise a mix of condomin- during spring this year. « AG will develop a residen- PROPERTIES sold the site
» ‘Düsseldorf is a dynamic English language pres-
apartments. The City Plan- tial complex on the site of to the company for around
RHEINISCHE POST (01/03/2018) destination, not just for entation at MIPIM. «
the former Horten EUR 56 million. «
WESTDEUTSCHE ZEITUNG (21/04/2017) investors’ is the title of the
headquarters in the west
NEUE DÜSSELDORFER O NLINE ZEITUNG (15/03/2018)
IMMOBILIEN ZEITUNG (27/09/2018)
RESIDENTIAL CONCEPT AT RESIDENTIAL PARADISE IN
THE ALBERTUSSEE HEERDTER HOFGARTEN
» The winner’s design for Cornelia Zuschke, Head of » A new residential complex park. It is proposed to con-
a new residential complex Planning and Building will be developed on the site st r u c t s i x u n d e rg ro u n d
directly next to Albertus- Control. “The jury has of former offices (...). There is garages with parking for 560
COMPETITION COMPLETE see on the site of the made a good decision”, even talk of a lakeside beach. cars and a large number
HAMBURG-BASED ARCHITECT WILL DEVELOP THE DÜSSELDORF PRESENCE AT former Horten headquar- she said. « There will be a footpath (1,430) of bicycle stands.
SITE THE MIPIM REAL ESTATE FAIR ters was highly praised by around the lake (...). The area There will be noise protection
IN CANNES RP ONLINE (14/03/2018) will be further upgraded with to the north of the planning
new footpaths, play areas and zone on the northern side of
» Cornelia Zuschke, Head of in keeping with this special sports facilities, a playing field, Albertussee. «
Planning (after the announce- location and the superb way » And the METRO Group’s residential project at a football pitch and a skate
ment of the decision): “the it will provide all future resi- Albertussee heads into the next phase. «
WESTDEUTSCHE ZEITUNG (15/12/2018)
jury has reached an excellent dents with access to the ANTENNE DÜSSELDORF, ONLINE (14/03/2018)
decision. This design was se- water. «
lected for its planning concept
WESTDEUTSCHE ZEITUNG (14/03/2018)METRO PROPERTIES COMPANY 45
DRIVING REAL ESTATE VALUE SENSIBLY INTEGRATED SERVICES:
OUR CORE COMPETENCES
METRO PROPERTIES is the real estate company of METRO AG – and and the development and support of modern wholesale, retail and
thus part of a company focusing entirely on the customer. This is mixed-use concepts. Our Asset and Portfolio Management department functions as the
ensured by the support we offer to our holding company, comprising
¤
Our core centres of competence, Asset Management, Project Development owner of METRO’s international real estate portfolio. The assets are
all-round expertise in the area of real estate marketing. Our real estate and Transactions, provide a proactive and value-enhancing property ¤ ¤ profitably managed and further developed at every stage in the property
experts know and understand METRO’s business processes. We are management service at both national and international level. Investors, life cycle. The objective is the early identification and implementation
able to provide the group with optimal support and manage, operate The Transactions department structures and
lessees and clients receive competent support worldwide. markets attractive investment products. It is of market and location-related development potential. This enables us
and further develop the company’s own property portfolio – for example, to guarantee systematic and sustainable value enhancement.
to bring it even closer to the customer. In addition to the headquarters in Germany, the company also operates able to draw on the expertise gained from a
through offices in Poland and Turkey. In other countries, METRO multitude of transactions. Our staff offer inves-
Our duties involve our combination of comprehensive wholesale and PROPERTIES is represented by regional management and the METRO tors optimal solutions for investment products
retail competence, highly developed real estate expertise and subse- team. from a wide range of transaction types.
quent implementation capability. We act as a partner for investments
ASSET &
PORTFOLIO
MANAGEMENT
TRANS-
ACTIONS
The Project Development team designs creative
and future-orientated real estate concepts for
METRO which are fully aligned to the local market
situation and the requirements of our clients. Our
PROJECT DEVELOPMENT experts offer innovative and sustainable concepts
which are in high demand in the market.
DOING BUSINESS RESPONSIBLY
METRO AG is a leading international specialist in the food wholesale
sector. The company delivers tailored solutions to the local and
international requirements of its wholesale and service sector
customers. There are good signs for the future: with its METRO
and MAKRO Cash & Carry sales channels, together with delivery
services and digitalisation initiatives, METRO is clearly f ocused on
the wholesale business, digital solutions and reliable business models.Publisher
METRO PROPERTIES GmbH & Co. KG
Am Albertussee 1
40549 Düsseldorf
Germany
Design, text and creative production
Concept and editorial office Prime Objects GmbH, Düsseldorf
PR & Internal Communications
Photo credits
METRO AG
M info@metro-properties.de Kai Weissenfeld, Düsseldorf
T +49 211 6886-4250 Page 11: City of Düsseldorf archive
Pages 13, 30, 31 and 33: blauraum Architekten GmbH,
F +49 211 6886-2001 Hamburg
www.metro-properties.de As at: June 2019You can also read
